CUSIP 735397CU3

  • ISIN: US735397CU38
  • Entity Name: Port of Seattle
  • Sector: Municipal Agency
  • Announcement Date: *****
  • Effective Date: *****
  • Issue Date: *****
  • Maturity Date: *****
  • Country of Issuer: *****
  • Region: N.Amer
  • Issue Currency: *****
  • CA Type: Rating Upgrade
  • News: Moody`s Investors Service (""Moody`s"") has upgraded to A1 from A2 the rating on the Port of Seattle`s approximately $73 million Special Facility Revenue Refunding Bonds (SEATAC Fuel Facilities LLC), 2013. The outlook is stable. RATING RATIONALE The rating action reflects SEATAC Fuel Facilities LLC `s (SEATAC Fuel) right to operate the exclusive system for the receipt, storage, transmission and distribution of fuel at the 9th busiest airport in the US: SeattleTacoma International Airport (23.4 million enplanements/46.8 million passengers, managed by the Port of Seattle senior lien/intermediate lien rated Aa2/A1 stable). The rating also reflects the essential role that the company provides to its consortium of airlines (Contracting Airlines) since the airlines cannot operate without the fuel facility. The company`s contractual structure ensures stable net cash flow without any revenue variability linked to performance, volumes, or availability because the company is entitled to recover from the contracting airlines all of its costs on a timely basis. Further, the contractual structure provides a strong mitigation of airline credit risk, which has receded due to material improvement in airline credit quality over the course of the project, in addition to protection from other risks such as increased costs, stranded asset risk, force majeure risk, and technology risk. Credit challenges recognized in the rating include the sum sufficient debt service coverage resulting from the cost recovery profile of the project as well as the collection of facilities charges by a third-party operator currently rated B3 negative.
  • Description: *****
  • Bond Document:
  • Latest Corporate Actions:

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